National Bank to Reduce its Carbon Footprint by 25% by 2025 to Help Meet the Most Ambitious Goal of the Paris Agreement
First anniversary of the signing of the UN Principles for Responsible Banking
National Bank today announced that it has set a target to reduce its greenhouse gas (GHG) emissions by 25% by 2025, compared to 2019 levels. This science-based target aims to limit global warming to 1.5 degrees Celsius, the most ambitious goal of the Paris Agreement. The 25% target applies to all GHG emissions resulting from the operations of the Bank and its subsidiaries. This announcement marks the first anniversary of the signing of the UN Principles for Responsible Banking. National Bank is one of the founding signatories of these Principles.
- To achieve this goal, the Bank will optimize business travel and promote a hybrid model that allows for remote work.
- The Bank will continue to improve its energy efficiency, notably through a system that allows energy use at a number of branches to be managed remotely. The Bank has one of the lowest carbon footprints per dollar of revenue, per employee and per square metre in North America, due in part to its significant use of hydroelectricity.
- The criteria of the LEED rating system are being applied to several of the Bank's current and future buildings, including its new head office, which aims to earn LEED v4 Gold certification.
- The Bank achieved its 2019 carbon-neutrality targets by purchasing carbon credits from the Nature Conservancy of Canada and emission allowances through Coop Carbone. It has set the same target for 2020.
- The 25% target for GHG reduction is aligned with the Bank's public disclosure efforts. The Bank supports the Task Force on Climate-related Financial Disclosures (TCFD) and has been involved in the Carbon Disclosure Project (CDP) for many years.
- This week, the Bank is marking the first anniversary of the signing of the UN Principles for Responsible Banking. The Bank was one of the first financial institutions in North America to adopt these Principles, which are intended to foster the development of a sustainable, responsible banking system.
"Measuring the impact of our actions is essential in the fight against climate change. A 25% reduction in our greenhouse gas emissions is an ambitious target that will require us to change our approach. Over the years, the Bank has demonstrated its ability to overcome major challenges to achieve its objectives and meet the expectations of the communities it serves. Today, we're taking an important step in living up to our commitment to sustainable development," said Louis Vachon, President and CEO of National Bank.
About National Bank of Canada
With $322 billion in assets as at July 31, 2020, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
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